Common use of Rent Due Clause in Contracts

Rent Due. a) The total rent due is payable on or before March 1, annually. The annual payment or other amounts payable by Lessee to Lessor under this Lease which are not paid five (5) days after the due date will bear interest from the date due to the date paid at the rate of twelve percent (12%) per annum, or the maximum rate of interest permitted by law, whichever is less, and the interest will be paid to Lessor on demand. b) Actual acreage may be reduced based on the construction status of the Redpath Impoundment Project. Construction of the Redpath Impoundment Project takes precedence over any farming activities on the Leased Property. Any reduction in acreage will result in a corresponding per-acre reduction in rent during the respective term. The parties will execute an amendment to this Lease evidencing the change in total rent due.

Rent Due. a) The total rent due is «Total_Lease», payable on or before March 1, annually. The annual payment or other amounts payable by Lessee to Lessor under this Lease which are not paid five (5) days after the due date will bear interest from the date due to the date paid at the rate of twelve percent (12%) per annum, or the maximum rate of interest permitted by law, whichever is less, and the interest will be paid to Lessor on demand. b) Actual acreage may be reduced based on the construction status of the Redpath Impoundment Project. Construction of the Redpath Impoundment Project takes precedence over any farming activities on the Leased Property. Any reduction in acreage will result in a corresponding per-acre reduction in rent during the respective term. The parties will execute an amendment to this Lease evidencing the change in total rent due.